What Is a Remortgage?
A remortgage is the replacement of your current mortgage with a new mortgage, through your current lender or alternatively a new lender. People will typically obtain a new mortgage to achieve better terms, or release equity, or adjust their mortgage to suit their changing financial requirements.
For UAE residents looking to invest in UK property (especially high-net-worth individuals or those with complicated finances), remortgages are typically complicated and require an individual approach. At Enness we provide:
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Remortgage offers over 24-48 hours
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UK and internationally based property remortgage expertise
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Specialist support for foreign nationals, expatriates and non-resident investors
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Access to over 500 lenders, including private banks, specialist and niche lenders
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Solutions for high-value and high LTV remortgages
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A full service completing a remortgage within 4-8 weeks
Talk to an Expert Now!
Enness Remortgage Specialists
Enness is a team of Enness mortgage experts who provide custom remortgage solutions for UAE citizens, with high-value UK properties - no matter what level of complexity your case may be. Our experienced mortgage brokers are familiar with your individual case and will guide you through the remortgage process and negotiate suitable mortgage terms on your behalf. Get in touch with us today to discuss your options.
Islay Robinson
GROUP CEO
Toby Johncox
GROUP MD
House Remortgage FAQs
When Should UAE Residents Consider Remortgaging Their UK Property?
UAE residents should consider remortgaging their UK property whenever they get a better mortgage deal or can get better rates from a different lender. This may be a short term fixed rate loan or a long term fixed rate loan, depending on your circumstances.
Remortgaging is particularly valuable whenever there is an upward or downward change in UK base rates, and lenders usually respond by releasing new products. Even if the base rate is worse than your existing mortgage, you can secure a longer term fixed rate mortgage agreement as opposed to relying on changes in the base rate in the future.
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Other times to consider remortgaging your property may be when:
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Your existing term is coming to an end
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There are new products or better products you are interested in
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If your finance and/or property objectives have changed that may require more flexible options
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If you secured your property mortgage at a higher rate than they currently are
Are UAE residents able to remortgage their property in the UK to borrow more cash?
Yes, UAE residents can remortgage their UK property to borrow more money. This is achieved by refinancing your existing mortgage and increasing the loan amount, which unlocks additional equity in your home. This extra cash could be used for various purposes, such as renovating a property, investing, or consolidating debt.
Lenders will look at the current value of your property as well as your income and credit profile, and the reasoning behind your borrowing to assess a remortgage application. Working with our team of expert brokers at Enness guarantees that you will receive competitive terms on your remortgaged property that meets your long-term financial objectives and your current circumstances.
How long will it take for UAE residents to remortgage a property in the UK?
Generally, remortgaging a UK property will take less time than applying for a new mortgage. The movement on the timeline is wholly based on how well you have prepared your documents as well as the strength of your financial position. Here at Enness we can usually work on remortgaging a property for clients in just one month provided we have the right information. However, on other occasions, this can take a little longer, with a realistic completion date of anywhere from 6 to 8 weeks.
Remortgaging at the End of Your Existing Term
It is common for UAE residents with a property in the UK to consider remortgaging as the fixed term of their mortgage ends. Once the fixed period expires, the mortgage will revert to the lender's standard variable rate. This is likely to be higher than your previous fixed rate.
It is beneficial to remortgage before the end of your mortgage agreement. To avoid extra pain and fees, you should initiate the remortgaging process once you enter your mortgage term with your current lender. Additionally, when you instruct Enness early, we can negotiate with multiple lenders, leaving you with time to prepare your documents for remortgaging to your next fixed-term mortgage. Early commitment means you will have time to shop around carefully and understand what is available to you without rushing to get it processed.
If your mortgage is coming to an end and you wish to remortgage, contact your Enness broker. We will provide you with direction and advice tailored to your specific situation. The most important factors depend on the value of the mortgage or your loan-to-value ratio, and we can help you navigate and filter through the best products and rates available on the market.
A standard mortgage calculator will not account for what we can offer as a specialist product to international or high-net-worth clients. Enness has a greater footprint in the mortgage market and broker networks, which serves as a vast advantage to you, helping you find a competitive offer that might not be available through the public or typical high-street banks.
Remortgaging: Top Tips
If you're planning to break your existing mortgage or refinance your UK property, please remember the following:
Speak to a Broker Before You Speak to Your Existing Lender
Many borrowers begin a conversation with their existing lender when considering remortgaging. It is worth your while to look into all your options first. At Enness, we will see what other lenders can offer you and negotiate on your behalf. We can then review the competitive offers we have obtained and return to your existing lender to see if they can match or better the offers you have received. This gives you a distinct advantage and greater savings.
Use the Time You Have and Avoid Pressure
Renegotiating a mortgage or remortgaging, even if you are not moving, still requires time for the underwriting process, property valuation, and legal procedures to be completed. The sooner you involve Enness, the more efficient the process will be. Our expert mortgage brokers will negotiate the best rates and terms for you, while also coordinating with your legal team to make sure you hit deadlines.
Your access to lenders is what makes for the best remortgage
To obtain the best remortgage deal possible, you need access to the entire lending market. At Enness, we have access to over 500 lenders worldwide. These include private banks, high-street lenders, specialist lenders, and other funders. We deal directly with lenders, and you simply need to choose the remortgage packages that suit you.
How We Work
We start by reviewing your current mortgage details, net worth, assets, and financial history. This information helps us find the right lenders for you and negotiate the best price possible. For complicated and high-value mortgages, Enness offers a wide range of lenders and exclusive offers not available to direct applicants.
Negotiate Everything
Everything you discuss in contemporary remortgaging is negotiable. Your financial strength and the quality of your documentation will also be essential in getting competitive rates. Enness brokers create strong cases, backed by facts, and approach lenders who are able to provide flexibility and favourable terms. The advantages of this approach through negotiation are paramount in securing the best remortgage solutions for UAE investors in the UK property market.
Remortgaging: What to Consider for Buyers in the UAE
If you are considering remortgaging your UK property, be sure to carefully consider your options, as you may incur additional costs when switching your mortgage. Enness can review your existing mortgage in detail, explain the various options available to you, and provide an overview of the costs associated with remortgaging. This helps you understand the upfront expenditure required before calculating the genuine savings made.
Important Costs To Look Out For
The most obvious cost to consider is early repayment fees, which some lenders charge for repaying your mortgage before the original term is complete. Don't forget to include valuation fees, as well as lender and legal fees, all of which will depend on your lender and mortgage product. There may be other possible liabilities here depending on your circumstances.
Weighing Up Costs and Savings
Let's face it, a lower interest rate may seem like an instant saving, but in reality, it is important to measure that saving against the remortgage cost (the remortgage fees). In some instances, upfront costs limit short-term savings; however, over the long term, refinancing can ultimately lead to an overall financial benefit. Enness will compare all offers in full so you have the information in front of you and can, based on the decision, determine if remortgaging is the best option for you.
Contact us About Remortgaging
As finance experts on the high-end property market, Enness has extensive experience working with UAE residents and high-net-worth individuals in remortgaging UK properties. Whether you are approaching the end of your mortgage term, want a cheaper deal, or simply want to break your mortgage without incurring any mortgage fees, we have brokers on hand to help.
When you get in touch, you can have a no-obligation conversation about your plans and questions, as well as to understand the underlying remortgaging process.
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